The Poloniex exchange is a well-known peer-to-peer (P2P) crypto exchange that allows the users to buy and trade Bitcoin and other altcoins in the marketplace. It is based in the United States of America and was established in 2014.
Since then, it has grown to become one of the top crypto exchanges, not only in USA but all over the globe. It has evolved over the years and now offers some of the safest and technologically advanced security protocols that keep the security of the exchange intact.
This exchange initially began as a crypto-to-crypto exchange but then transitioned into a crypto trading platform. It offers some of the most unique features, supports various kinds of trading and even enables the users to purchase FIAT currencies.
If you are looking to use this exchange then this brief Poloniex review can help you get a good idea about what you can expect while using the platform. You can also determine if this exchange matches your criteria and requirements or not.
Poloniex Review on the Mobile Application
One of the most prominent features of this crypto exchange is its mobile application, which is fast and highly responsive. A mobile application that is well-developed and advanced can be one of the most helpful things for people who are looking to trade, even while on the go.
Some of the top crypto exchanges offer support to custom-built mobile applications that feature leading-edge trading tools and a lot more that are often required by the crypto traders. Such applications also make it easy for people to keep an eye on the market and can help them open new trading positions and close old ones even if they are travelling.
Therefore, if you are a crypto trader who trades frequently then you can opt for this exchange and make use of the features available on the mobile application.
One of the most distinctive features mentioned in this brief Poloniex review is crypto lending. This is a unique feature and is not supported by every crypto exchange in the market.
Crypto lending means as a user of the exchange and a crypto investor you can lend the crypto you own to other crypto enthusiasts. This way you can get returns with interest. There is a limit on how much you can lend, which depends on your overall funds and the type of account that you have.
While margin trading is supported by several other crypto exchanges in the market, it is important for you to know that it is a risky type of trading. Therefore, you should be careful regarding the exchange you choose to start trading crypto with leverage.
Margin trading is also called leverage trading, where the traders can borrow funds from brokers. The borrowed amount enables the traders to open bigger trading positions and is called leverage.
Since you can open bigger trading positions, you can also get bigger profits. However, the profits are not guaranteed and if the trades don’t go well, you can also face some financial losses.
Therefore, if you are interested in trading with leverage you need to be sure that the exchange you choose is secure and suitable. You should also know that every exchange offers a different leverage ratio, which is up to 100x on Poloniex exchange.
No Identity Verification Required
One of the benefits of using the exchange, as mentioned in this brief Poloniex review is that you will not be required to complete any identity verification processes to start trading. Some of the crypto trading exchanges require the users to complete such verification, which does strengthen the security offered by the exchange but it also limits the number of people who can access the exchange for trading crypto.
The Poloniex exchange has no such requirements as it makes use of other high-end security systems for the safety of users’ funds and accounts. This way the exchange is available and easily accessible for a large audience.
Poloniex Fee Structure
The fee structure is one of the most important features to know about as it can help you decide whether the exchange puts you out of budget or not. It is also important to know about the fee charged as some of the exchanges have a high fee which also include additional and hidden charges.
Therefore, one of the topmost features to know about the Poloniex exchange is that it has a low fee structure. As compared to several other exchanges it does not charge a high fee and does not include any hidden charges either. Here are the details of the fee charged by Poloniex.
- 15% lending fee
- 0.01% maker fee for margin trading
- 0.075 taker fee for margin trading
- No deposit fee
- No withdrawal fee
- Fixed network fee